A historic Hong Kong banknote that was licensed by Paper Cash Warranty (PMG) raced previous its pre-auction estimate to appreciate an astounding £161,200, or about $220,000 USD. The earliest recognized absolutely issued banknote of Hong Kong was the centerpiece of a sale introduced by Dix Noonan Webb on August 26, 2021.
Graded PMG 12 High-quality, the Hong Kong, Oriental Financial institution Corp. June 1, 1860 5 {Dollars} helps illuminate the numismatic historical past of the Chinese language metropolis that at present is residence to over seven million folks. Till 1858, the Oriental Financial institution Company was the one financial institution to challenge notes in quickly rising Hong Kong, which was then a British colony with a tiny fraction of its present inhabitants.
The word’s situation made it troublesome to find out the date written by hand on the entrance. Earlier than the sale, Dix Noonan Webb submitted the word to PMG, whose group used their experience and particular tools to substantiate that the word was real with a handwritten date of June 1, 1860. This makes it the earliest recognized absolutely issued banknote to have survived from Hong Kong’s early life.
“PMG was excited to certify one other vital discovery within the paper cash world,” mentioned Chad Hawk, PMG Grading Finalizer. “Over half the notes that PMG has graded are from China, and the flourishing neighborhood that collects these banknotes trusts our experience.”
The word impressed spirited bidding that catapulted it nicely past its pre-auction estimate of £30,000 to £50,000 (about $42,000 to $70,000 USD) and made it one of the costly Chinese language banknotes ever offered. The successful bid got here from a collector in Hong Kong, based on Dix Noonan Webb.
“Dix Noonan Webb was honored to supply this banknote, which rewrites the historical past of Hong Kong numismatics,” mentioned Andrew Pattison, head of the banknote division on the revered London-based public sale home. “I’m certain that its new proprietor appreciates the worth supplied by PMG certification.”
The Oriental Financial institution Company was a world banking energy primarily based in London that had a big workplace in Edinburgh, Scotland. Pattison mentioned that the word, which represented a substantial sum of money, was probably introduced from Hong Kong by somebody returning to the United Kingdom earlier than it was subsequently forgotten. The financial institution itself went out of enterprise within the late 1800s.
